The bank made $US4.1 billion ($A4.38 billion) in the first quarter, after stripping out the effects of an accounting change and a tax item. That was up 2.5 per cent from the same period a year earlier, when it made $US4 billion.

On a per-share basis, that amounted to $US1.30 compared with $US1.29 a year ago. That was better than estimates of analysts polled by FactSet, who had been expecting $US1.14.

Revenue was $US20.1 billion. That was down 2 per cent from the same period last year when the bank generated revenue of $US20.6 billion.

Analysts had forecast revenue of $US19.5 billion.

Citi's stock rose $US1.27, or 2.8 per cent, to $US46.97 in pre-market trading.